VANCOUVER, British Columbia, March 08, 2019 (GLOBE NEWSWIRE) -- Premier Diversified Holdings Inc. ("Premier" or the "Company") (TSXV: PDH) is pleased to announce the closing of the first tranche of its non-brokered private placement offering (the "Offering") of units of the Company ("Units") of up to 15,000,000 Units at $0.05 per Unit for aggregate gross proceeds of up to $750,000. The first tranche of the Offering was for a total of $375,000 of gross proceeds for 7,500,000 Units. The Offering was originally announced on February 4, 2019.
Each Unit consists of one common share ("Share") and one share purchase warrant ("Warrant") exercisable to purchase one additional Share at $0.05 for five years from the date of issue. The next closing is expected to occur on or about March 22, 2019. The Offering is subject to receipt of final approval by the TSX Venture Exchange. Conditional approval was granted on February 22, 2019.
The Shares and Warrants will be subject to a hold period expiring on July 9, 2019. No finder's fees or commissions were paid in connection with the Offering.
The net proceeds of the Offering will be used for general working capital and may be used to fund the acquisition of an interest in a public or private entity. The Issuer may, in its discretion, determine to use the proceeds for other business purposes as identified by the board of directors and management.
Questions regarding the private placement may be directed to the CEO, Sanjeev Parsad, at sparsad@pdh-inc.com; questions regarding subscription information and subscriptions may be directed to the Corporate Secretary at mdavidson@pdh-inc.com.
About Premier Diversified Holdings Inc.
Premier Diversified Holdings Inc. participates in diversified industries through its acquisitions of securities and/or assets of public and private entities which it believes have potential for significant returns. It may act as a holding company (either directly or through a subsidiary) and may participate in management of subsidiary entities to varying degrees.
On behalf of the Board of Directors
"Sanjeev Parsad"
Sanjeev Parsad
President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.
Further information regarding the Company can be found on SEDAR at www.sedar.com.
Not for dissemination in the United States of America.
Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that Premier can close a private placement of up to $750,000, that the next tranche of the Offering will close on or around March 22, 2019, that no finder's fees or commissions will be paid in relation to the Offering, and that the net proceeds of the Offering will be used as stated in this news release. Factors that could cause actual results to be materially different include but are not limited to the following: that we may not be able to raise sufficient capital to accomplish our intentions and that even if we do close the maximum private placement, capital alone may not be sufficient for us to grow our business. Growth depends on several factors including market conditions. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.